Fixed Asset Management within the Dubai are often through with the support of Kloudac who shall make sure that your fixed assets are maintained within the appropriate way. the method of managing fixed assets is usually considered a big challenge by most businesses. The movement of assets and therefore the addition of assets got to be recorded properly so as to avoid misinterpretation, overstatement, or understatement of the financial reports.
Regular maintenance is significant , as these help businesses reduce cost, detect and stop fraud, and maximise asset value. From preparing an asset registration to managing and tracking it regularly, our team has proven records in managing an outsized number of fixed assets for clients spread across various industries. To avail of our fixed asset management service in Dubai, contact our team or speak to our online representative.
Fixed Asset Management Services
We can support the management in maintaining the Fixed Asset Register and make sure the register is maintained in the least Inter – Companies and Head Office. The Register at HO will include details of location, custodian of the assets, date of purchase, item code, voucher number, cost, depreciation, depreciation charged, details of disposal (if any), assets reference number, etc. The Registers at Divisions will include fixed asset code number, date of purchase, cost price, transfer/disposal/sale details with a date.
The fixed asset register maintained by the client are going to be reviewed by us and corrections if any are going to be suggested to the management. we’ll make sure that the Register includes all the required details required in maintaining the assets satisfactorily. the situation mentioned within the register are going to be cross verified to the extent possible and ensured that the management has good control over the assets. The existence of assets mentioned within the Register are going to be verified physically by our team and noted within the register to the extent possible.
The team are going to be briefed on how the request for a replacement fixed asset has got to be raised, mentioning the list of existing fixed asset of an equivalent type, need of purchase and estimated cost of requested purchase. An analysis is going to be prepared by the division manager detailing the name and address of suppliers, description of things, cost, payment terms, credit period and justification for the choice of the supplier.
The accounting of fixed assets is going to be supervised ensuring ledger creation for every asset class, computation of depreciation, proper accounting for acquisition and disposal of assets. the various asset classes would come with Furniture and Fixture, Tools and Equipment, Computer/ Software, Building, etc., consistent with the character of business. The rate of depreciation is going to be fixed on discussion with the management, taking into consideration the character of the asset, sort of usage and replacement value analysis.
We will make sure that the assets revalued by the qualified valuer are accounted appropriately with proper allocation to the revaluation reserve. we’ll also verify the calculation of revised depreciation on these assets, ensuring that an equivalent is accounted as per the Standards.
We will make sure that the capital work-in-progress is transferred to the relevant asset head on completion, expenses are classified and allocated appropriately, and therefore the total value of the asset are going to be re-computed ensuring that the accurate value of an asset is reflected within the books. we’ll cross verify that the expenses are directly due to the definition of fixed assets and other expenses are written off and therefore the timing of the transfer of assets from WIP is additionally verified.
We can support the client in tagging the fixed assets by tagging each asset with unique asset Barcode/ RFID and therefore the system are going to be updated with physical location details. The assets tagged are going to be matched with the prevailing list of assets and therefore the variances are going to be acknowledged , if any. The initial effort and price incurred on asset tagging will reap continuous benefits because it will mitigate the loss or theft of assets and supply a full trail of assets.
Our team will visit your premises and conduct verification of fixed assets, ensuring that the assets reflected within the books are existing within the company’s premises/custody. we’ll also assess the control procedures in situ, compare it with best business practices, conduct a niche analysis and supply a report on changes to be incorporated.
Fixed Asset Management Process We Follow
We are a world-class fixed asset management service provider whom multinational corporations and startups consider for delegating fixed asset management services. Our fixed management auditors are experts within the process and works as per the plan. Our fixed asset management solutions include the subsequent steps
01. Requirement Gathering
We meet the client and collect the business requirement by asking focused questions and collecting answers
02. Service Requirement Planning
We will propose an in depth plan by assessing the info and insights provided by the client and share the work strategy for his or her approval
03. Fixed Asset Management
Once the client nods to our proposal, we'll perform the fixed asset management services as per the plan
04. Workflow Evaluation
The executed model are going to be assessed by our team of QA team to make sure our approach is compliant with the DOA
05. Reporting
We will submit reports to the client to assist them understand every aspect of the fixed asset management services